Medical marijuana grower Cann soars on ASX debut

Cann Group, the first company to get a licence to grow medical marijuana, more than doubled in value on its stock market debut.

Shares in the company opened at 65 cents Thursday compared to the issue price of 30 cents. A short while ago, the shares were at 61 cents.

The opening price gives the company a market capitalisation of $68 million, after raising $13.5 million in a fully-underwritten initial public offering.

Cann Group is focused on breeding, cultivating and manufacturing medicinal cannabis for sale and use within Australia.

The company plans to use the funds raised through the IPO to expand into a second facility within Melbourne and add it cultivation capacity. capacity for cultivation. The funds will also be used to support clinical studies, it said.